A couple things, fill out your profile so we know where you are. I'd recommend visiting an established maker to see what his setup is like. Also, each of these recommendations of mine are somewhat generic. I'd research each item thoroughly before buying.... For example, you could do a thread on Disc grinders alone, and read dozens of old threads and its take you 20 hours to decide on which disc grinder you want....
Tools...
Belt Grinder > 2"x72" with a VFD to control speed. I'd get a KMG, WIlmont, or, if you are handy, a GIB from Polar Bear Forge, or a No-Weld grinder and build your own. If you are serious about being in it for the long haul, and money isn't an issue, I'd personally recommend a TW-90 from Travis Wuertz. It is a vertical and horizontal grinder in one, AND he now has a surface grinder attachment....But, with the surface grinder attachment you're looking at 4 grand..ish... Salem's links that Count posted were very helpful to me When I was deciding on mine.
Disc Grinder. 9" w/VFD. I'd make a bracket to allow you to move it from horizontal to vertical, it's run it off a VFD for variable speed and reversing....
http://www.nielsendesigndiscgrinder.com/Welcome.html
You can run a set up like this from Rob. Actually, Wayne Coe is an authorized dealer for Rob, and is a great resource for building disc grinders and belt grinders.
If you'll be forging, I have no experience with pre made forges, but I'd lean towards a 2 burner blown forge and I'd add a PID controller with low and high fire like Bladsmith(Stacy) has detailed in a sticky on the top of the main page...
Anvils, I have a 129# Kohlswa. It's great, I'd rather have one 200 pounds after using it a bit. If you have a lot of money, a Nimba is a great new anvil, or older Fisher, Peter Wright etc.
Hammers and tongs, Hardy tools for the anvil....
Band saw, a metal cutting saw.... I use a porta band saw. Lot's of guys do, it saves a few dollars.
Drill Press... Full size free standing with variable speeds. If you have the money, get a full size Mill, like a Bridgeport, you'll use it to mill the slots on guards etc......and a million other things. You could also get a High Torque Mini Mill, like a Sherline and a drill press and skip the full size mill.
If you do your own heat treat, I'd get an Evenheat, or other similar PID controlled Knifekiln... Simple steels like 1084, 1095 need good heat control, but could be done in the forge. I don't work with them, but other steels like D2 I believe need a programmable kiln for the proper soak times and temps...
Quench medium... Depending on steels, Parks AAA, Parks 50. And a good quench tank.
Respirator. Protect your lungs. Metal dust, wood dust, plastic dust, not good. OSHA recommends respirators shouldn't be the primary protection. Dust control, environmental control is supposed to be the primary safety control, so.... invest in a good dust collection system.. Research the proper way to design and build it. Hot sparks start fires, static electricity can also be a problem in dust collection systems...
Full face respirators require a Dr Exam to determine if you are fit enough to use one...
Here's a start. Good luck!